Report Overview

India Refrigerated Transport Market - Industry Trends & Forecast Report, 2030

India Refrigerated Transport Market size was estimated at USD 17.45 billion in 2023. During the forecast period between 2024 and 2030, the size of India Refrigerated Transport Market is projected to grow at a CAGR of 7.37% reaching a value of USD 26.74 billion by 2030. Major growth drivers for the India Refrigerated Transport Market include the growing cold chain logistics sector and the rising food retail services. Increased consumer preference for frozen, chilled, and processed foods, driven by busy lifestyles, contributes to market growth. The availability of frozen products through various distribution channels enhances the use of refrigerated trucks for supply applications. The healthcare sector's growth and the need for safe transportation of temperature-sensitive products further drive market expansion. Investments in advanced medical facilities and research labs boost the requirement for refrigerated trucks. The future is anticipated to see the growth of hybrid refrigerated trucks with phase change material (PCM) technology, offering improved energy efficiency and operational features in India.

Refrigerated Transport – Overview

Refrigerated transportation, commonly referred to as reefer freight, involves the conveyance of temperature-sensitive products like food items and pharmaceuticals. Specialized vehicles equipped with built-in refrigeration systems maintain a controlled temperature to prevent the deterioration and loss of value of these products during transport. This method is not limited to food but is also crucial for transporting other delicate items such as medical products and pharmaceuticals.

India Refrigerated Transport Market

Growth Drivers

Increasing Demand for Frozen Products

The evolving landscape of frozen food consumption is influenced by various factors such as the global increase in female employment, the impact of pandemics, and changing lifestyles, including the prevalence of work-from-home practices. Expected growth in frozen food sales presents expansion opportunities for companies in the refrigerated transport market, particularly in India. Frozen products, with an extended shelf life, become preferable amid changing climatic conditions affecting crop productivity. Food producers strive to provide affordable and accessible frozen options, addressing both consumer preferences and reducing food loss. The demand for frozen foods is further propelled by the growth of service industries, including fast food chains, quick-service restaurants, and hypermarkets.

Restraints

High Initial Investment

The India Refrigerated Transport Market faces a growth restraint due to the high initial investment required for establishing refrigerated transport infrastructure. The significant upfront costs associated with acquiring temperature-controlled vehicles and installing refrigeration systems pose challenges for market entry and expansion. This financial barrier limits the participation of potential stakeholders and hinders the overall growth of refrigerated transport market in India.

India Refrigerated Transport Market

Segmental Coverage

India Refrigerated Transport Market – By Application

By application, the India Refrigerated Transport Market is bifurcated into Chilled Food Products and Frozen Food Products segments. The chilled food products segment holds a higher share in the India Refrigerated Transport Market by application. The growth is attributed to the rising demand for dairy products, beverages, fresh fruits, and bakery items. While developed nations have reached saturation, developing countries are experiencing substantial growth in this segment. Emerging nations witness an increasing demand for chilled food products. The proliferation of supermarkets worldwide is a key factor fueling the expansion of this segment, presenting favorable opportunities for its growth.

India Refrigerated Transport Market – By Mode of Transport

Based on mode of transport, the India Refrigerated Transport Market is divided into Road Transport, Sea Transport, Rail Transport, and Air Transport segments. The road transport segment holds the highest share in the India Refrigerated Transport Market by mode of transport, due to its widespread accessibility, flexibility, and cost-effectiveness. The extensive road network facilitates the seamless movement of refrigerated trucks, ensuring the timely and efficient delivery of goods. Also, road transport accommodates last-mile connectivity, a critical aspect of the cold chain logistics, allowing direct transportation from production centers to distribution points. Road transport is pivotal in meeting the diverse and dynamic transportation needs of various industries, contributing to its dominant position in the refrigerated transport market.

India Refrigerated Transport Market – By Technology

Based on technology, the India Refrigerated Transport Market is split into Air-Blown Evaporators and Eutectic Devices segments.

India Refrigerated Transport Market – By Temperature

Based on temperature, the India Refrigerated Transport Market is split into Single-temperature and Multi-temperature segments. The single-temperature segment is expected to hold a higher share in the India Refrigerated Transport Market during the forecast period. A refrigerator truck or van employed for transportation maintains a uniform temperature setting for all perishable goods on board. This type of refrigerated transport, known for its single temperature setting, proves advantageous for a wide range of products. Anticipated growth in the single-temperature segment is attributed to its application in transporting various items, including dairy products, pharmaceuticals, fruits, vegetables, meat, and fish.

India Refrigerated Transport Market – By Region

Regionally, the India Refrigerated Transport Market is segmented as North India, South India, East India, and West India.

Competitive Landscape

Major players operating in the India Refrigerated Transport Market include Snowman Logistics Ltd, ColdEX Logistics, Fresh & Healthy Enterprises Ltd (Fresh World), ColdStar Logistics, Coldman Logistics, Gubba Cold Storage, Coldrush Logistics, V. G. Frozen Food Carrier, and Golden Highway Goods Carrier Pvt. Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Application

• Chilled Food Products

• Frozen Food Products

By Mode of Transport

• Road Transport

• Sea Transport

• Rail Transport

• Air Transport

By Technology

• Air-blown Evaporators

• Eutectic Devices

By Temperature

• Single-temperature

• Multi-temperature

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Refrigerated Transport Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing food industry
         2. Increasing demand for frozen products
      2. Restraints
         1. High initial investment
         2. Energy consumption
      3. Opportunities
         1. E-commerce growth
         2. Pharmaceutical industry growth
      4. Challenges
         1. Lack of cold storage facilities
         2. Operational and maintenance costs
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Refrigerated Transport Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Application
         1. Chilled Food Products
         2. Frozen Food Products
      2. By Mode of Transport
         1. Road Transport
         2. Sea Transport
         3. Rail Transport
         4. Air Transport
      3. By Technology
         1. Air-blown Evaporators
         2. Eutectic Devices
         3. Others
      4. By Temperature
         1. Single-temperature
         2. Multi-temperature
      5. By Region
         1. North India
         2. South India
         3. East India
         4. West India
5. Competitive Landscape
   1. List of Key Players and Their Range
   2. India Refrigerated Transport Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership)
6. Impact of Covid-19 on India Refrigerated Transport Market Industry
7. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, SWOT Analysis)
   1. Snowman Logistics Ltd
   2. ColdEX Logistics
   3. Fresh & Healthy Enterprises Ltd (Fresh World)
   4. ColdStar Logistics
   5. Coldman Logistics
   6. Gubba Cold Storage
   7. Coldrush Logistics
   8. V. G. Frozen Food Carrier
   9. Golden Highway Goods Carrier Pvt Ltd
   10. Other prominent players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents
   5. Assumption & Limitation

*Financial information of case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       India Refrigerated Transport Market Segmentation

Figure 2       India Refrigerated Transport Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       India Refrigerated Transport Market Size, By Value (USD Billion), 2019–2030

Figure 5       India Refrigerated Transport Market Share, By Application, By Value, 2019–2030

Figure 6       India Refrigerated Transport Market Share, By Mode of Transport, By Value, 2019–2030

Figure 7       India Refrigerated Transport Market Share, By Technology, By Value, 2019–2030

Figure 8       India Refrigerated Transport Market Share, By Temperature, By Value, 2019–2030

Figure 9       India Refrigerated Transport Market Share, By Region, By Value, 2019–2030

List of Tables      

Table 1        India Refrigerated Transport Market Share, By Application, By Value, 2019–2030

Table 2        India Refrigerated Transport Market Share, By Mode of Transport, By Value, 2019–2030

Table 3        India Refrigerated Transport Market Share, By Technology, By Value, 2019–2030

Table 4        India Refrigerated Transport Market Share, By Temperature, By Value, 2019–2030

Table 5        India Refrigerated Transport Market Share, By Region, By Value, 2019–2030

Table 6        Snowman Logistics Ltd Company Overview

Table 7        Snowman Logistics Ltd Financial Overview

Table 8        ColdEX Logistics Company Overview

Table 9        ColdEX Logistics Financial Overview

Table 10      Fresh & Healthy Enterprises Ltd (Fresh World) Company Overview

Table 11      Fresh & Healthy Enterprises Ltd (Fresh World) Financial Overview

Table 12      ColdStar Logistics Company Overview

Table 13      ColdStar Logistics Financial Overview

Table 14      Coldman Logistics Company Overview

Table 15      Coldman Logistics Financial Overview

Table 16      Gubba Cold Storage Company Overview

Table 17      Gubba Cold Storage Financial Overview

Table 18      Coldrush Logistics Company Overview

Table 19      Coldrush Logistics Financial Overview

Table 20      V. G. Frozen Food Carrier Company Overview

Table 21      V. G. Frozen Food Carrier Financial Overview

Table 22      Golden Highway Goods Carrier Pvt Ltd Company Overview

Table 23      Golden Highway Goods Carrier Pvt Ltd Financial Overview